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Preserving assets in a divorce

On Behalf of | Apr 25, 2022 | Divorce

When a marriage breaks up, concerns might shift from the emotional impact to the financial. Some divorces in Ohio could prove costly for a spouse with significant assets. However, there might be ways for a spouse to protect his or her net worth. A prenuptial or post-nuptial agreement may help, but not every couple has such documents. Still, there could be ways to protect yourself financially and legally.

Protecting and preserving assets

While a family court judge could divide assets held in a single account, the account remains inaccessible to the other spouse. Perhaps moving some funds to a single account in one spouse’s name may prevent the other spouse from taking the funds or running up overdraft loans. Also, single credit accounts could assist with rebuilding a credit score as well.

Revising a will and other estate plan documents might be unavoidable when divorcing. Leaving an ex-spouse as the recipient of all assets may not be what a divorcee wants. Perhaps a spouse with significant savings should review retirement assets and understand the other spouse could receive some of those funds.

Other issues associated with high-asset divorces

Assets are not the only financial elements that a family court judge reviews when presiding over a high-asset divorce. The court examines debts, and the settlement process includes determinations over who pays what particular obligations. Both parties may find it worthwhile to agree on who pays a particular percentage of debts, as the court’s decision may not be as preferable.

Anyone seeking spousal and child support would likely need to present detailed information about monthly expenses. Effective preparation and detailed accounting are essential.